IMPORTANT NEWS ON MINIMUM SALARY IN MEXICO 2017

Dear Clients and Friends:

Please be advised that on December 1, 2016, the Mexican National Commission on Minimum Salary issued a press release in order to inform the general public that the Mexican Council of Representatives of the National Minimum Salary Commission unanimously granted  a salary increase constituted by the Independent Recovery Amount (Monto Independiente de Recuperación- MIR) of MX$4.00 (Four 00/100 Pesos, Mexican Currency) daily to the general minimum salary in order to support the recovery, solely and exclusively for those salaried workers that receive the general minimum salary, additional to the salary increase of 3.9% (three point nine percent) to the daily general minimum salary in Mexico for 2017.

Due to the above, the new daily general minimum salary that will be in effect as of January 1st , 2017 shall be MX$80.04  (Eighty 04/100 pesos, Mexican currency).

We will keep you posted on further developments as they become available.

Sincerely,
Ernesto Velarde Danache, Inc.

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